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Transaction costs

 Wim Marneffe, Samantha Bielen and Lode Vereeck (2015)

Transaction costs is a generic term referring to the costs of transacting through the market (e.g., search, information, contract, monitoring costs). They are applied with different meanings to organizational structures (e.g., vertical integration), market failures (e.g., externalities), institutional choices (e.g., promotion of clubs), and public choice (e.g., administrative burden).

in: Juergen G. Backhaus (ed.), Encyclopedia of Law and Economics, New York: Springer, p. 1-6. ISBN 978-1-4614-7883-6

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